Summary
Josh and Emily, a couple from Arizona, share their financial journey and how they reached a net worth of over $2 million. They are in their early 40's. They paid off their home in 2018 and then purchased a rental property, which they turned into an Airbnb. They have been diligent savers and have maxed out their retirement accounts. They have also taught their children about money by having them contribute to their own expenses and giving them financial responsibilities. They are now focused on learning how to spend and enjoy their money while still maintaining their frugal habits.
Takeaways
-Paying off your home can provide a sense of peace and financial security. -Investing in real estate, such as purchasing a rental property, can be a good way to generate cash flow. -Maxing out retirement accounts and investing in the stock market can help grow wealth over time. -Teaching children about money from a young age can instill good financial habits and responsibility. -Finding a balance between saving and enjoying your money is important for a fulfilling life.
Sound Bites
"Paying off your house was a big goal for us. It gave us a lot of peace and security." "After paying off our house, we stumbled into the FIRE community and purchased a rental property." "We contribute max what we can to Roth IRAs every year plus my 401k."
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